In either case, I doubt that market appreciation alone will allow you to refi out that amount.

Knowing who our target renter was allowed us to focus our search and not get distracted.  

(would it be a surprise if you find out subletting is allowed later)Can you review their initial applications and background verification if any? 

Also, a lease option allows a more marginal deal to become a better deal by optioning it.

Occupy a unit for one year and then move out, my parents are very generous and allow me to keep my room at their house.

But went about it this way because I am closing on other properties in my own name right now so we used just the father's financials to qualify for this particular one, and the mortgage market does not allow lending directly to an LLC anymore.Simply put, our goal for tax reporting is to divide all rental income for this one property equally in to thirds, and to do the same for all expenses (mortgage interest, taxes, insurance, repairs, etc.).

That will allow you to build up a network of contractors and suppliers that will enable to to address problems faster and more cost effectively.I would also recommend buying a home warranty program if you are planning to hold the property and make upgrades over time. 

Now depending on the bank, some may allow the loan to be personally backed.  

@Orion Deaton, It's a powerful tool that allows you to sell investment real estate and subsequently buy investment real estate without having to pay the normal tax on the gain from the sale.  

That said, increasing your NOI does help you because sometimes metrics, like DTI and DCR, can dictate allowable LTV 3.